York University
Schulich School of Business
Proposal for a Master of Real Estate and Infrastructure (MREI)
November 2014
Vs. February 25, 2015
Proposed Master of Real Estate and InfrastructureSchulich School of Business
February 25, 2015
Master of Real Estate and Infrastructure
1. Introduction
The Program in Real Estate and Infrastructure (originally known as the Program in Real Property
Development) was launched in 1992 as a concentration in the Schulich MBA. It was initiated by
Canadian real estate industry leaders who foresaw a need for improved formal education within the
field. In 2009, the Program was recast to include infrastructure in order to reflect growing international
interest in addressing global infrastructure needs. The scope of the Program now covers development,
investment and finance in both the real estate and infrastructure industries. MBA and IMBA students
have the option of taking individual courses or pursuing a specialization via a concentration or the
Graduate Diploma in Real Estate and Infrastructure (formerly the Graduate Diploma in Real Property
Development). Since inception the Program has maintained a strong and growing presence within the
MBA program, increased its international reputation, and established an extensive alumni base.
The Program is strongly committed to an applied field of study where academic and industry interaction
is essential and experiential learning drives the curriculum. This commitment is reflected in the
Program’s administration through a tenured Academic Director and a practitioner Executive Director.
This governance approach facilitates the creation of opportunities to expand and support an active cocurricular program and to engage students, alumni and industry in a variety of successful initiatives
including the annual Perspectives Lecture, the annual Developers’ Den case competition, the annual
Real Estate and Infrastructure Networking Breakfast and the Schulich Real Estate and Infrastructure
Student Experience Fund, amongst others. The Program has actively supported the development of
Schulich’s real estate and infrastructure student club (the SRPSA), which offers an extensive and varied
program of activities and events facilitating student/ industry engagement, and has supplemented the
career counseling and placement services offered by the Career Centre. The primary focus of all these
activities is to enrich student learning by creating real world learning opportunities that run parallel to
the formal curriculum.
The Program’s intent is to capture a sizeable untapped market of individuals in Canada and abroad who
wish to pursue or enhance their careers in real estate or infrastructure but seek an alternative to the
MBA through the creation of a Masters in Real Estate and Infrastructure (MREI). From an industry
perspective, the MREI will address the need for graduates with leadership attributes, skills and
knowledge specifically tailored to both the real estate and infrastructure industries.
This proposal intends to introduce a new Master’s degree, commencing May 2016. The MREI is
designed to appeal to highly motivated and intellectually strong students who demonstrate an
appreciation of the social, environmental and ethical considerations affecting the real estate and
infrastructure industries. Graduates of the MREI program will be positioned to be future leaders in both
domestic and international markets.
The Master’s program will only be available on a full-time basis and will span three consecutive terms
through a highly structured curriculum. Similar to the MBA concentration, the MREI will be co-directed
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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by a tenured Academic Director and a practitioner Executive Director. In the future, a joint MREI/ MBA
program may be possible.
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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2. The Industry, the Vision and the General Objectives of the Program
2.1 Real Estate – an Evolving Industry
Over the past two decades the real estate industry has undergone a period of considerable change both
domestically and internationally. These changes are driven by technology, demographics, financial
volatility and the globalization of the economy, and are reflected in two major themes.
The first theme is the evolution of real estate into what is effectively a mainstream asset class. In
Canada, pension funds have become dominant players in the commercial real estate market and on the
international scene these funds are viewed as being at the leading edge of investment strategy. The
public market for real estate continues to grow, as has the sophistication of industry participants.
Moreover there has been a popularization of real estate as an investment option with significant growth
in the retail-oriented investor market.
The second theme is the internationalization of real estate. In large part this theme is the product of the
emergence of developing economies and the attendant demand for a variety of real estate product,
which has attracted cross border capital flows from the US, Canada and Western Europe. Capital has
also begun to flow from developing economies in the form of liquid sovereign wealth funds and other
institutions.
Real estate today is one of the largest industry sectors in both developed and developing countries. It
dominates the Canadian banking industry through the mortgage markets, attracts and manages large
sums of private equity and debt, is the largest of the alternative asset classes among the institutional
investors, and facilitates a thriving development and construction industry across the country. Real
estate is the single largest source of personal and household wealth. Housing accounts for 40-60% of
total household wealth and homeownership in North America and in Europe and is more widespread
than the ownership of financial assets such as stocks and mutual funds. The numbers throughout Asia
are much larger and increasing as the world’s population accelerates their migration to existing and
emerging cities.
2.2 The Emergence of Infrastructure
Infrastructure shares two important similarities with real estate: the creation and maintenance of a
tangible asset, usually by the same contractors involved in buildings; and the investment of large sums
of capital, usually capital that sees real estate and infrastructure as a preferred alternative asset class
with long-term investment appeal. The demand for new infrastructure globally is overwhelming
whether this is social infrastructure such as hospitals or schools, or economic infrastructure such as
energy plants, ports and harbours, water and waste treatment, sewage and various transportation
systems ranging from highways to bridges, tunnels to subways. Infrastructure is the backbone of any
city, essential to the health and well-being of citizens and for moving goods and services to customers
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wherever they are located. The McKinsey Global Institute estimates that the global demand for
infrastructure will be US$75 trillion between 2013-2030.1
Canada is currently in the fortunate position of being viewed as a world leader in the development of,
and investment in, large-scale infrastructure projects. Almost every major global firm in the
infrastructure field is active in Canada. On the investment side, three Toronto-based pension funds are
among the top 10 in the world with a total investment in infrastructure of US$32.2 billion (2014).
2.3 The Interaction of Real Estate and Infrastructure
In today’s global economy, and due to the mutual drivers and trends that affect both industries, an
understanding of both real estate and infrastructure is increasingly valuable for students anticipating a
professional career in either industry.
Real estate and infrastructure are essential to addressing sustainability and quality of life issues. Both
industries are building blocks for cities, directly affecting sustainability. These two industries are
inextricably linked by providing the places in which we live and work as well as the means to connect the
two. The links are strengthened by the increasing pace of urbanization across the globe, the nature and
complexity of the opportunities that arise, and the increasing reliance on the private sector and private
capital to implement public policy initiatives.
Financially, real estate and infrastructure are closely linked in the capital markets as the two primary
alternative asset classes for investors. Recent studies have shown that infrastructure is the number one
driver affecting real estate investments. Both real estate and infrastructure are capital intensive, require
equity and debt often from the same sources, apply leverage, and are sensitive to similar systemic risks
including interest rate swings. Large infrastructure projects now incorporate elements of both project
and real estate finance and are attractive to institutional investors who desire long-term stable
commitments.
Both real estate and infrastructure involve construction that requires most of the same service providers
from architects and engineers to contractors and facility managers. On the capital side both are exposed
to many of the same risks from controlling construction cost and timing of delivery, to building
performance, obsolescence, and operating costs. Real estate, and more so infrastructure, increasingly
involves formal arrangements to incorporate life-cycle costing as part of the value proposition. Both use
similar methodologies and assumptions in their calculations and rely on the same or similar
organizations to support asset maintenance and operations.
New partnership models are also needed in infrastructure and real estate that can affect new roles for
the private and the public sector respectively and promote models that extend beyond risk allocation to
address value creation. The move to increasing urban intensification will drive the need for more
successful “brownfield” solutions that can integrate infrastructure and real estate to address urban
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McKinsey Global Institute, Infrastructure Productivity: How to save $1 Trillion a Year, January 2013.
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redevelopment opportunities in new partnership arrangements. Infrastructure in brownfield situations
must contend with the same conditions that affect real estate in similar situations from environmental
remediation to regulatory regimes.
Finally, investors and developers, both in real estate and infrastructure, will continue to gravitate to
markets where new opportunities exist and these opportunities may require the creation of new
infrastructure as a foundation for proposed real estate initiatives.
2.4 The MREI Vision
The MREI will provide students with a more comprehensive understanding of, and a broader skill base
in, real estate and infrastructure than is achievable within the MBA. By choosing this option, graduates
may not have the benefit of the MBA first-year core curriculum, but will have the benefit of a highly
specialized curriculum. The MREI will build upon the curriculum of the existing Program in Real Estate
and Infrastructure, formalize certain co-curricular features of the Program, and add additional courses
to provide students with a comprehensive foundation for their careers. In the MREI students will
progress as a cohort by taking a common set of courses in two terms with the option to take real estate
or infrastructure electives in the third and final term. The MREI offers a shared experience among a
group of full-time students who enter and graduate together, not dissimilar to what EMBA students
experience. The result is a one-year program that has a highly structured curriculum emphasizing
leadership and supported by an intensive line-up of co-curricular activities, including mentorship and
career planning. The aim is to assist graduates with their personal and professional growth, grounded in
a value system reflective of the Schulich School.
Despite its narrower focus as compared to the MBA, graduates of the MREI must achieve a balance
between specialist and generalist; specialist in the sense of expertise in real estate and infrastructure,
and generalist in the sense of possessing the integrative skills necessary to manage projects, lead
organizations, and advance one’s career. Students will be taught to appreciate the value of good design,
understand the historical roots of the industry and why projects and organizations have succeeded or
failed, and explore the social, cultural, environmental and economic impacts of real estate and
infrastructure development.
2.5 Objectives of the MREI Program
The primary objective of the MREI is to prepare students for future leadership roles in real estate and
infrastructure development, investment and management. The program seeks to:
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Provide a broad understanding of the real estate and infrastructure industries locally and in a
global context;
Impart the fundamental skills and knowledge of real estate and infrastructure investment and
development;
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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Develop strong communication and critical thinking skills;
Engender self-awareness and commitment to personal growth; and
Stimulate a desire to create and operate assets that are not only profitable but also socially and
environmentally beneficial.
This proposed MREI reflects several dimensions of University Academic Plan 2010-2015 (UAP)’s. The
new degree is a recognition of, and “commitment to, global issues that face our communities and to the
development of solutions to those issues” (UAP, page 3). No greater challenge exists today than the
need to provide for the rapid migration of populations from rural to urban environments that impact
existing cities and require entirely new cities. This must be achieved in ways that address environmental
sustainability, provide safe and healthy environments, and address the necessities of life including
shelter, and food, water and energy sources. These challenges must be addressed in the context of
“globalization and internationalization, with their concomitants of increasing interactions of all kinds and
new modes of thinking about the world, as well as opportunities for York to build upon its leadership in
international partnerships for teaching, learning and research” (UAP, page 4).
Building on the international successes achieved through the Program’s concentration in the MBA
degree and the Diploma program, the MREI will directly address the three overarching themes of the
UAP: academic quality, student success, and engagement and outreach (UAP, page 6). Academic quality
is reflected in the ability of our MBA students to consistently place at the top of various international
case competitions and garner major scholarships and awards. The MREI will maintain this level of
academic achievement. Student success can be measured by the increasing number of graduate
students attracted to York, from here and abroad, to enroll in the Program and the MREI. Student
success is also evident in the many career opportunities secured by our graduates and the strength of
our alumni association. Engagement and outreach is a foundation of the current Program and the MREI
will increase these opportunities, particularly in the area of experiential learning.
The MREI cannot achieve its objectives without a strong applied research orientation (UAP, page 8). We
are “committed to an inclusive understanding of scholarship that encompasses discovery, integration,
collaboration, application, and dissemination. We take it as axiomatic that active researchers are active
teachers, and we insist on the inseparability of research and pedagogy at all levels as part of this
culture.” This commitment to experience-based learning will influence our hiring of new tenured faculty
and extend into the classroom through assignments, independent work, and opportunities in the
curriculum for creative thinking.
3. Need and Demand
3.1 Similar Programs in North America
There is a wide variety of real estate courses and programs at the undergraduate and graduate levels in
both the U.S. and the U.K, in addition to a few undergraduate programs in real estate at Canadian
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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universities. In Canada, real estate specializations are typically offered within a B.Com degree. These
are available at Ryerson University, the University of Guelph and the University of British Columbia
Sauder School of Business. Several graduate schools offer real estate courses including Ryerson
University, the Rotman School of Management within their MBA, the Sauder School of Business and
Queen’s University in their urban planning program. Many graduate business schools in the U.S. offer
real estate courses, primarily in the area of real estate finance. In the U.K. there is a long tradition of
undergraduate courses, promoted in large part by the requirements of the Royal Institution of
Chartered Surveyors (RICS), that cover a broad scope of real estate related topics such as valuation,
appraisal and property management. This tradition provided a foundation for a host of Masters of
Science degree programs in real estate at such U.K. universities as Cass, Kingston, Henley, Leeds,
Glasgow, the Bartlett School and the London School of Economics.
Real estate undergraduate programs typically focus on local and regional industry needs and careers in
the service and supporting industries. Starting in the mid-1980s, and following the successful launch of
the MIT Masters of Science in Real Estate in 1984, numerous U.S. universities introduced one and two
year Masters of Science real estate degree programs. Of the many Masters of Science programs there
are a select few that have garnered strong national reputations and fewer still with a global reach. The
notable masters programs include MIT, Columbia, NYU, Florida, Berkeley, Cornell, and USC. There are
well over 75 such masters programs throughout the U.S. today. These programs are offered through
various faculties including architecture and planning, business, and continuing and professional studies.
Wharton, Columbia, Wisconsin, UCLA, USC, University of Texas, Berkeley and Cincinnati have wellestablished real estate concentrations within their MBA in a manner similar to what is offered at the
Schulich School.
Masters programs in real estate in both the U.S. and the U.K. still focus largely on domestic markets.
Several programs have attempted to expand curriculum to attract international students, primarily from
China and India where building activity is intense and educational opportunities in the field are limited.
These master degree programs still rely on a curriculum that is almost exclusively based on local and
country practices despite an international cohort of students. When it comes to infrastructure,
opportunities at the undergraduate and graduate level are largely non-existent beyond a select few
courses offered by engineering schools.
3.2 Need and Demand for the Proposed Program
3.2.1 Real Estate
Over the last two decades the Canadian real estate industry has transitioned from a locally-based and
entrepreneur led industry to one that is increasingly “professionalized, institutionalized and globalized”.
Commercial real estate is now dominated by large pension funds, a healthy public market sector, and a
variety of private third party professional management businesses including investment advisory firms
and private equity funds. On the residential side, firms are often considerably larger, more sophisticated
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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in their structure and operations, and more likely to move into national and even international markets.
Internationally, the emergence of the middle class in emerging markets has driven rapidly growing
demand for housing and commercial real estate. This in turn is driving growing interest in tapping into
the experience and expertise of developed economies and in taking advantage of educational
opportunities in these markets. These changes are driving a need for better-educated employees with
greater leadership capabilities, a more global orientation, and advanced investment, project
management and risk management skills.
It should be noted that although the industry has changed significantly over the past two decades, the
approach to real estate education has not. What is being taught in most programs is ‘how to make
money’ and ‘how things are done’ rather than ‘how to add value’ and ‘how things should be done’. In
particular, there is a lack of attention to examining the social purposes of the industry, promoting
innovation and sustainability, exploring new ways of thinking, and developing future leaders that will
think critically.
For prospective students seeking a graduate program, the choice in real estate is a U.S. program at
substantial cost and seldom dealing with other than U.S. based course content. There are no similar
programs available in Canada. The MREI would address the opportunity for students to obtain a
master’s degree at one of the world’s top-ranked business schools in Canada.
3.2.2 Infrastructure
This is a highly skilled industry sector due to the large-scale and complexity of the projects, the
substantial investment levels, the management of particular kinds of risk, the nature of the long-term
commitments involved, and the global focus. The challenge is developing a curriculum and teaching
materials when very little currently exist, where there is a paucity of academic research, and there is still
no acknowledgment among business schools of the importance of this fast growing industry sector. For
example, few business programs teach project finance as opposed to corporate or even real estate
finance. This is an industry that requires sophisticated technical skills in such areas as the pricing of risk,
investment analysis based on non-asset based lending, project management of complex projects,
financial modeling with assumptions on revenues and costs over a 30 year period, and asset
management of very large amounts denominated in various currencies. The forecasted growth in
demand for infrastructure world-wide for the next several decades is an indication of the high demand
for professionals on both the development and investment side of infrastructure in the years to come.
It should be noted that in the case of infrastructure the Schulich School currently enjoys a “first-mover”
advantage as options for study elsewhere do not exist other than in some civil engineering programs.
There are no programs comparable to the one being proposed. Schulich wishes to capitalize on this
advantage given the rapid expansion of global career opportunities in infrastructure.
See Section 8 for enrolment projections.
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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4. Program Content and Curriculum
4.1 Program Requirements
The MREI will require students to complete 42 credit-hours over an 11 month period, comprised of
three consecutive terms that coincide with the Schulich academic calendar. In the first two terms, all
students will enroll in a set of core courses that covers both real estate and infrastructure with the
option of taking electives in either industry during the third term. The third term is highlighted by a
workshop experience that focuses on collaboration and creative thinking. The workshop will direct
students to opportunities that address significant environmental and social challenges. Over the
duration of the MREI, students will attend a mandatory leadership course that will be taught on a noncredit basis, Pass/Fail basis, during the first two terms and, upon successful completion of the course
during the final term of the MREI, students will receive course credit on a Pass/Fail basis. Course work
will be delivered through a combination of lectures and assignments, utilizing case work where
appropriate, and the extensive use of guest lectures.
The MREI curriculum is comprised of 6 existing 3-credit courses currently offered in the MBA
concentration with new sections, and 10 new 3-credit courses, for a total of 16 courses. Graduates
complete 36 course credits that are required courses, and 6 course credits that are electives. Advanced
standing in, or waiver of, any core course in the MREI will not be permitted. Each student must
complete 42 credit-hours.
4.2 List of Courses
TERM 1 (May – July, 12 weeks): Mandatory for all MREI students, 15.0 Course Credits
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PROP 6100 3.00 Real Estate Finance and Investment. (Existing Course)
PROP 6150 3.00 Markets and Their Behavior (NEW)
PROP 6200 3.00 Development Prototypes (Existing Course)
PROP 6250 3.00 Site Planning and Design (NEW)
PROP 6300 3.00 Public Private Infrastructure Delivery (Existing Course)
PROP 6001 0.00 Leadership in Real Estate and Infrastructure I (NEW)
TERM 2 (Sept-Dec, 12 weeks): Mandatory for all MREI students, 15.0 Course Credits
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PROP 6050 3.00 Changing Landscapes: Historical Perspectives on the Industry (NEW)
PROP 6450 3.00 The Life of a Project (NEW)
PROP 6550 3.00 Sustainable Cities: Urbanization, Infrastructure, and Strategic Choices (Existing
Course)
PROP 6750 3.00 Project Finance for Infrastructure (Existing Course)
PROP 6850 3.00 Structuring Development Transactions (NEW)
PROP 6002 0.00 Leadership in Real Estate and Infrastructure II (NEW)
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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TERM 3 (Jan-April, 12 weeks): 12.0 Course Credits (2 electives and two mandatory courses)*
Mandatory for all students
 PROP 6080 3.00 Creative Workshop (NEW)
 PROP 6003 3.00 Leadership in Real Estate and Infrastructure III (NEW)
Select two electives
 PROP 6350 3.00 Infrastructure as an Asset Class (NEW)
 PROP 6600 3.00 Real Estate Portfolio Management (Existing Course)
 PROP 6650 3:00 Commercial Real Estate Asset Management (NEW)
 PROP 6780 3.00 Case Studies in Infrastructure (NEW)
* Courses taken during Term 3 will be offered on Fridays and weekends. Students will be encouraged to
pursue internships or undertake research during Term 3 to enhance experienced-based learning.
The proposed course structure is illustrated in Appendix 5.
4.3 Course Descriptions
Please see Appendix 4.
5. Program Structure, Learning Outcomes and Assessment
5.1 Program Learning Outcomes
Please see chart below.
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PROP 6780
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PROP 6650
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PROP 6600
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PROP 6350
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PROP 6080
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PROP 6850
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PROP 6750
PROP 6550
PROP 6450
PROP 6050
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PROP 6300
PROP 6200
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PROP 6250
PROP 6150
PROP 6100
How are the learning
outcomes achieved?
PROP 6001,
6002 & 6003
LEARNING OUTCOMES
1. Depth and Breadth of
Knowledge
 Graduates should understand the
global scope of real estate and
infrastructure and the social, political,
environmental and economic forces
which impact risk and opportunity
within these industries
 Graduates should be sensitive to
the role that real and infrastructure
developers, financiers and investors
play in shaping the quality of the built
environment and impacting the social
and economic success of the
communities within which they
operate
 Graduates should be able to
describe the structure of each industry
and the roles, responsibilities, activities
and relationships amongst the main
industry players
 Graduates should be able to
differentiate amongst the various
property and infrastructure types by
reference to the activities, users,
functional characteristics and business
models in each case
 Graduates should have the
fundamental knowledge and skills to
evaluate and manage real estate and
infrastructure developments,
investments and operations
Students take a required set of
core courses in both real estate
and infrastructure aggregating 36
credit hours. Students take an
additional six credit hours in either
real estate or infrastructure or a
combination of both. The
program addresses a broad
spectrum of knowledge and skills,
combines theory and practice,
includes macro and micro
perspectives and examines local
and international environments.
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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PROP 6650
PROP 6780
PROP 6600
PROP 6350
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PROP 6080
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PROP 6850
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PROP 6750
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PROP 6550
PROP 6300
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PROP 6450
PROP 6250
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PROP 6050
PROP 6200
PROP 6150
PROP 6100
How are the learning
outcomes achieved?
PROP 6001,
6002 & 6003
LEARNING OUTCOMES
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2. Knowledge of Methodologies
 Graduates should have the ability
to relate effectively to the planning,
design, construction and project
management issues encountered in
major capital projects
 Graduates should be familiar with
the challenges and opportunities
associated with the environmental
impact and sustainability performance
of real estate and infrastructure
projects
 Graduates should be able to
distinguish, quantify and analyze
demand and supply factors that
describe market conditions and set
prices
 Graduates should be able to apply
financial analytical methods, tools and
techniques to assess investment
opportunities
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 Graduates should understand the
regulatory and contractual framework
governing real estate and
infrastructure development and
investments
Several of the required courses
teach fundamental industry skills
and methods including analytical
methodologies, design and
construction solutions, project
management and the legal
framework of prototypical
transactions.
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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PROP 6350
PROP 6600
PROP 6650
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PROP 6780
PROP 6080
PROP 6850
PROP 6750
PROP 6550
PROP 6450
PROP 6050
PROP 6300
PROP 6250
PROP 6200
PROP 6150
PROP 6100
How are the learning
outcomes achieved?
PROP 6001,
6002 & 6003
LEARNING OUTCOMES
3. Level of Application of
Knowledge
 Graduates should have the ability
to estimate investment returns
including the impact of income tax and
leverage
 Graduates should be able to
assess the economic viability of a
proposed development site and to
assess its highest and best use
 Graduates should be able to
translate user and performance
requirements; market intelligence; and
site, building and regulatory
constraints into a schematic building
form
 Graduates should be able to
identify features that contribute to
enhanced building performance and
sustainability
 Graduates should be able to
evaluate mortgage, direct real estate,
REIT, private equity fund and
international real estate investment
opportunities in the context of
portfolio strategy 
 Graduates should be able to
describe and analyze various business
models and approaches to partnership
arrangements for infrastructure
including the structure of contractual
arrangements and the allocation of risk
Extensive use is made of case
work in which knowledge and
skills taught in the courses must
be integrated and applied. The
creative workshop serves as a
capstone project in which students
are guided through a creative
process requiring the use and
application of the skills and
knowledge taught throughout the
Program.
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
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PROP 6350
PROP 6600
PROP 6650
PROP 6780
PROP 6080
PROP 6850
PROP 6750
PROP 6550
PROP 6450
PROP 6050
PROP 6300
PROP 6250
PROP 6200
PROP 6150
PROP 6100
How are the learning
outcomes achieved?
PROP 6001,
6002 & 6003
LEARNING OUTCOMES
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4. Awareness of Limits of
Knowledge
 Graduates should be able to
identify critical analytical assumptions 
 Graduates should be cognizant of
the need to utilize multiple analytical
procedures and to synthesize
quantitative and qualitative
information
 Graduates should be able to
identify and assess sources of risk in
the context of development, finance
and investment and to propose
appropriate risk mitigation strategies
All courses emphasize sound
research and critical thinking as an
approach to risk management.
Through case work, readings and
guest lectures courses incorporate
examples of failures, as well as
successes, in order to convey the
risks attached to poor research,
analysis, execution and/ or
governance.
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5. Level of Communication Skills
 Graduates should demonstrate
literacy in the language and constructs
of real estate and infrastructure
development, finance and investment
 Graduates should have the ability
to communicate analysis and
recommendations clearly and
persuasively in report form and oral
presentations
 Graduates should have
intermediate negotiating skills
The Skills for Leadership course
serves as the base line for the
acquisition and refinement of
communication and negotiation
skills. Most courses require
students to write reports and
make individual or group
presentations. Written reports
are evaluated based on content
and clarity of exposition. Oral
presentations present the
opportunity to hone public
speaking and general presentation
skills. Cases requiring role playing
are used to develop negotiation
skills.
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√
√
√
√
√
√
√
√
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PROP 6350
PROP 6600
PROP 6650
PROP 6780
PROP 6080
PROP 6850
PROP 6750
PROP 6550
PROP 6450
PROP 6050
PROP 6300
PROP 6250
PROP 6200
PROP 6150
PROP 6100
How are the learning
outcomes achieved?
PROP 6001,
6002 & 6003
LEARNING OUTCOMES
√
√
√
√
6. Autonomy and Professional
Capacity
 Graduates should recognize the
value of one’s professional reputation
and what it embodies in terms of
integrity, ethical practices and social
responsibility 
 Graduates should be able to
characterize the organizations and
firms involved in real estate and
infrastructure and identify potential
career options and competency
requirements
 Graduates should have an
appreciation of the value of building a
strong professional network and have
the skills required to do this
 Graduates should have an
appreciation for the role of vision and
entrepreneurship in advancing the
industry and turning ideas into realities
 Graduates should have the ability
to work effectively in teams
Teamwork is emphasized
throughout the program
culminating in the Creative
Workshop experience. Career
paths are explored throughout
many of the courses in the
Program. The Skills for
Leadership course encourages self
awareness and prepares students
to manage their careers. The
importance of personal integrity,
ethical practices and social
responsibility is highlighted in this
course and is reflected throughout
the curriculum via the selection of
case studies and guest speakers.
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
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5.2 Mode of delivery, methods and criteria for assessing students
The majority of courses in the Program will be delivered through a mix of lectures, research projects,
and case studies, with the exception of the creative workshop that employs a studio format. Extensive
use is made of real world cases and/ or real world research assignments such that students have
multiple opportunities to apply theory and methods in realistic scenarios. This approach develops
critical thinking skills and builds students’ awareness and understanding of industry specific language,
concepts and practices. Most courses will make frequent use of industry speakers to bring examples of
current transactions and projects into the classroom and to illustrate application with practical
examples. In addition, guest speakers often provide career advice, which assists students in
understanding career options and developing effective career development strategies. Guest speakers
will also embody leadership qualities. Student achievement will be assessed by a mixture of exams,
group projects, individual projects, and class participation. Group work serves to develop team skills
and participation marks encourage engagement and the development of public speaking skills.
5.3 Program Length
The Program is a continuous eleven months and will run concurrently with the Schulich School’s threeterm structure commencing with the summer term. This structure will permit MBA students to catch up
to the MREI curriculum during the fall term and be eligible to take the winter term electives alongside
the MREI students. The Program will be preceded by a one week ‘boot camp’ in April to supplement
basic accounting and finance skills for students lacking a business degree or wishing to improve on their
skills. The month of August will be available for planning out-of-country field trips. The winter term is
structured with only nine electives that may be offered of Fridays and weekends to create opportunity
for students to pursue part-time internships should they choose to do so. An internship will contribute
to the experiential learning component of the MREI. Undertaking a research project in this period will
also be an option for some students.
5.4 Co-curricular Activities
Although not a formal part of this proposal, the program is planning to offer co-curricular activities to
enrich the formal education of its students. Examples of such activities include field trips, internships
and research opportunities offered in Term 3, local site visits and lunch and learn events. Co-curricular
activities offer students opportunities to be inspired by new experiences, to develop their leadership
skills, to enhance valuable relationships, to build professional networks, to apply what they learn in the
classroom to the real world and to discover potential career paths. They are consistent with the one of
the three overarching themes of the UAP, namely engagement and outreach, co-curricular activities are
offered to supplement to the MREI curriculum. Even though encouraged, participation in the program
will be voluntary and carry no credits.
6. Admission Requirements and Academic Standards
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6.1 Admission Criteria





4-year undergraduate degree from a recognized university with a minimum GPA in the final two
years equivalent to a B.
Acceptable scores on all measurements of the GMAT or GRE.2
Two letters of recommendations one of which one should be from an academic, if possible.
Relevant full-time work experience of 2-5 years strongly preferred.
A supplementary application may be required.
In the future a joint MBA/MREI may be possible and students pursuing a joint degree will have to satisfy
the admission requirements for both degrees.
Applicants whose first language is not English must submit evidence of English proficiency, with the
exception that those who have studies for at least two years in a university where the language of
instruction was English. Evidence, if required, shall be a TOEFL score of 600 (internet-based) or 250
(computer-based), 100 iBT, IELTS 7.0 or YELT score of Band 1, or equivalent.
The curriculum is designed to advance the careers of individuals who have already chosen real estate or
infrastructure, or a related field; however, the admissions criteria shall not preclude the opportunity for
highly motivated applicants with strong academic backgrounds to use the degree to launch or change
career paths.
6.2 Academic Standards
The academic standards shall be governed by the Graduate Student Handbook and will encompass the
following:
Master of Real Estate and Infrastructure students will be reviewed as follows to determine whether or
not they have met promotion requirements below:
1. The Master of Real Estate and Infrastructure is a full time program.
2. Initial review upon completion of the Fall term (Term 1)
3. Subsequent review at the end of each following term (Terms 2 and 3).
4. To maintain their standing in the program, all students must maintain a GPA of at least 4.20.
5. Students who receive a grade of F in more than 3.00 credits of coursework will be withdrawn.
6. Students who fail a required course must retake it. Students who fail an elective course may repeat
it, or may elect to take another course. Students who repeat a failed course and receive a second
failing grade will be withdrawn. A student that is required to repeat a course will be permitted to
take the equivalent course in a consecutive semester in the MBA program if offered and subject to
the maximum limit of 18 credits per semester, or enroll part-time for the sole purpose of repeating
this course.
2
For specialized Masters degrees Schulich typically requires a minimum GMAT score of 600 or an equivalent GRE
score. Due to competitive reasons, minimum scores are not published and do not appear in calendar copies.
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7. Grades for all courses taken will remain on the official York University transcript
8. To graduate, a student must achieve an overall GPA of at least 4.40 (B-). For specific requirements,
see ‘Graduation Requirements’ on page 10.
9. Students with a GPA of 6.95 (A-) or above will be placed on the Dean’s Honour List upon graduation.
7. Resources
The program will be taught by Schulich’s usual mix of tenure stream and contract faculty members,
many of whom are delivering the current Real Estate and Infrastructure diploma and specialization.3
Classes will be held in the Schulich building. While space is currently at a premium, it is envisioned that
a new building with additional classroom, breakout, study and office space will open in 2016. Please
refer to the Dean’s Resource Statement for further information.
8. Enrollment Projections
The new MREI anticipates an initial class size of 25 students at launch, with an expected growth to 40
students within three years of launch. These numbers would be in line with those experienced in other
specialized Schulich Masters programs, enrolment trends in related programs in the USA, and consistent
with the results of conversations the program proponents had with industry leaders in Canada and
abroad with regards to need and career opportunities. The program will be marketed nationally and
internationally. With the Schulich name and reputation, the MREI is well positioned to compete with
similar graduate programs in the U.S. and the U.K. Toronto is very well positioned in both real estate
and infrastructure with a vibrant real estate and infrastructure community that has already garnered
international attention. In combination with Toronto’s reputation as an attractive and safe place in
which to reside, it should not be difficult to capture up to 50% of the class from international markets.
Schulich’s intake of visa students is currently around 40% and experience shows that specialized Masters
programs are highly attractive to international students.
3
Current academic staffing includes two full time faculty members and a number of part time instructors.
Hiring into a CLA position is in progress, and the Resource Dean has committed to additional faculty resources
as needed, also with view to further developing the program’s research capabilities.
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APPENDIX 1: A COPY OF THE MREI PROGRAM AS IT WILL APPEAR IN THE GRADUATE
CALENDAR
The primary objective of the Master of Real Estate and Infrastructure (MREI) is to prepare students for
future leadership roles in real estate and infrastructure development, investment and management. The
MREI is an 11 month graduate degree with a highly structured curriculum emphasizing leadership
qualities and supported by an intensive line-up of co-curricular activities including internships, research
opportunities, and career planning. It is only available on a full-time basis and spans three consecutive
terms. In the first two terms all students enroll in a set of required courses that cover both real estate
and infrastructure, with the option of taking electives in either real estate or infrastructure in the third
term. The third term is highlighted by a workshop experience that focuses on collaboration and
creative thinking that addresses significant environmental and social challenges. Over the duration of
the MREI students attend a mandatory leadership skills course. Course work is delivered through a
combination of lectures and assignments, utilizing case work where appropriate, with extensive use of
guest lectures from industry. Graduates are expected to achieve a balance between specialist and
generalist; specialist in the sense of expertise in real estate and infrastructure and generalists in the
sense of possessing the integrative skills necessary to manage projects and lead organizations. Students
are taught to appreciate the value of good design and environmental stewardship, respect the historical
roots of the industry, and why projects and organizations succeed or fail. The curriculum offers the
opportunity to explore the social, cultural, environmental and economic impacts of real estate and
infrastructure development.
The MREI seeks to:





Provide a broad understanding of the real estate and infrastructure industries locally and in a
global context;
Impart the fundamental skills and knowledge of real estate and infrastructure investment and
development;
Develop strong communication and critical thinking skills;
Engender self-awareness and commitment to personal growth; and
Stimulate a desire to create and operate assets that are not only profitable but also socially and
environmentally beneficial
The curriculum is designed to advance the careers of individuals who have already chosen real estate or
infrastructure, or a related field; however, the admissions criteria shall not preclude the opportunity for
highly motivated applicants with strong academic backgrounds to use the degree to launch or change a
career path.
Requirements for admission to the Master of Real Estate and Infrastructure include:


4-year undergraduate degree from a recognized university with a minimum GPA in the final two
years equivalent to a B.
An acceptable score on the GRE or GMAT.
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


Two letters of recommendations one of which one should be from an academic, if possible.
Relevant full-time work experience of 2-5 years strongly preferred.
A supplementary application may be required.
Applicants whose first language is not English must submit evidence of English proficiency, with the
exception that those who have studies for at least two years in a university where the language of
instruction was English. Evidence, if required, shall be a TOEFL score of 600 (internet-based) or 250
(computer-based), 100 iBT, IELTS 7.0 or YELT score of Band 1, or equivalent.
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APPENDIX 2: EXTERNAL SUPPORT FOR THE PROGRAM
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Email from: John W. Campbell, President and Chief Executive Officer, Waterfront Toronto
From:
To:
Date:
Subject:
John Campbell <JCampbell@waterfrontoronto.ca>
'James Mckellar' <jmckellar@schulich.yorku.ca>
12/02/2014 04:44 PM
RE: Re:Commenst on our new degree program
James,
Just went through the material and was quite impressed. Certainly addresses a gap as we face the need
for huge infrastructure investments going forward.
The only comment I would make is that the program is focused on financial and transactional elements.
Will the graduates learn anything about the technical aspects of this? What’s missing is “civil
engineering 101” . Can they be expected to assess risk when they don’t know how it works? E.g. soils
engineering, brownfields, bearing capacity etc.
They don’t need to be civil engineers but they should be aware of what to be mindful .
Regards,
John
Email from: W. Tod McGrath, Chairman, Center of Real Estate Advisory Board and Lecturer, MIT Center
for Real Estate
From:
"W. Tod McGrath" <wtod@advisore.com>
To:
"'James Mckellar'" <jmckellar@schulich.yorku.ca>
Cc:
"'Neil Prashad'" <nprashad@origin.ca>
Date:
11/29/2014 09:42 PM
Subject:
RE: Interested affiliating on this and sending some of your students?
Jim,
I just read through your proposal and I think it’s EXCELLENT. It’s an impressive and well-conceived vision of what
masters students should learn and how they should learn it. If you have the faculty that can live up to your course
descriptions, I think you’ll have one of the best one-year programs in the world.
I received a call late Friday afternoon from Andre Kuzmicki and will speak with him on Monday or Tuesday about
our JV Negotiation event in San Francisco in January. It’s a collaborative, international, experiential learning event
that engages students, faculty and prominent industry practitoners around the topic of negotiating development
joint ventures. It would be great if you thought it was a good co-curricular event for your students (I can assure
you it is) and encouraged them to participate. Attached is the feedback we received from the JV Negotiation event
we did with Columbia University (Business, Law, and MSRED) last month, in case it’s helpful. I think our event in
San Francisco will be even better.
Thanks for having Andre reach out to me, and I call you later in the week after we speak.
Tod
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Email from: Steven Hobbs, Director, Strategic Planning and Partnerships, The Canadian Council for
Public-Private Partnerships
From:
To:
Date:
Subject:
Steve Hobbs <SHobbs@pppcouncil.ca>
James Mckellar <jmckellar@schulich.yorku.ca>
12/08/2014 10:54 AM
RE: Re:New Graduate Degree
Hi James,
Sorry for slight delay, we were in Vancouver Wednesday through Saturday.
Here are our thoughts on where the proposal could be slightly refined:
It should stress upfront that high quality expertise is needed in the growing sector of
public-private partnerships, particularly given the complexity of the arrangements. As Canada is
a world leader in this industry, it is important to not only fill the labour force need domestically,
but also capitalize on the expertise needed internationally.
3.22 is a real strong paragraph that accomplishes a lot of the point above. You may want
to move some of this up front and distinguish P3s from traditional infrastructure.
A need to continually scrutinize industry practices by conducting industry research will
lead to a refinement of best practices
Overall thoughts:
Strong proposal
Fills a gap in academia and the labour force
A lot of opportunity for industry (both public and private) to collaborate with the
University to make the program a success
Statement of support:
The Canadian Council for Public-Private Partnerships has reviewed the proposal for a Master of Real
Estate and Infrastructure and is supportive of its direction. Canada now has 220 P3 projects with a value
over $70B and is viewed as best-in-class when it comes to using the P3 approach. However, there is very
little in the way of post-secondary courses that specialize in infrastructure and/or public-private
partnerships. This proposal would help students gain the necessary knowledge and experience to
succeed in a very specialized industry. The proposal provides opportunity for the public and private
sector to partner with the University in ensuring students get the most out of this program. We would
be pleased to engage our membership and help the University achieve its goals.
Steven Hobbs
Director, Strategic Planning and Partnerships
The Canadian Council for Public-Private Partnerships
55 University Avenue, Suite 608,
Toronto, ON M5J 2H7
Tel: 1-416-861-0605 ext 204
Email: shobbs@pppcouncil.ca
@pppcouncil http://www.linkedin.com/company/the-canadian-council-for-public-private-partnerships
www.pppcouncil.ca
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APPENDIX 3: LIBRARY SUPPORT
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APPENDIX 3: LIBRARY SUPPORT
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APPENDIX 4: COURSE DESCRIPTIONS
TERM 1: Mandatory for all MREI students, 15.0 Course Credits
PROP 6100 3.00 Real Estate Finance and Investment (Existing Course)
This course provides the requisite quantitative skills for analyzing real estate investments and fosters the
development of a critical perspective in financial decision-making. It covers valuation techniques, cash
flow modeling, development feasibility analysis, tax considerations, debt and equity financing, risk
assessment and also examines strategic and tactical investment considerations. The course uses a
prescribed text, case studies, problem sets and group assignments and has a quantitative focus. Use of
financial calculators and personal computers is required.
PROP 6150 3.00 Markets and Their Behaviour (NEW)
In market economies, the combined effect of market forces and deliberate government actions generate
urban spatial structure. This course discusses how markets operate, the criteria for assessing market
performance, and the circumstances under which markets perform well or poorly. The first half of the
course covers skills for predicting market behavior including the supply and demand for space and
capital as it influences investment decisions. The second half examines the rationale for government
intervention in markets including problems of information, monopoly, externalities and collective or
public goods. No prior exposure to economics is required and applications to urban planning and spatial
analysis are stressed.
PROP 6200 3.00 Development Prototypes (Existing Course)
This course deals with development, developers and the products that they create. The course provides
an understanding of the business of real estate development, insights into the economic, functional, and
technical and aesthetic factors that shape dominant building forms, and an understanding of the link
between demand and product development. Course content spans an understanding of the spatial
economy of cities-where economic activity occurs and the interaction between demand and supply in
the marketplace, a detailed examination of the products that are shaped by the market forces, and an
overview of new prototypes that are emerging to meet emerging demands. The course is delivered
through a combination of lectures, case studies, and guest speakers from industry.
PROP 6250 3.00 Site Planning and Design (NEW)
Acquiring a site is a prerequisite for any new real estate or infrastructure project. Site planning and
design involves a myriad of factors that include sensitivity to various stakeholder and community
interests, design issues, regulatory and code constraints, site configuration, topography, soil and other
geotechnical factors, infrastructure requirements, traffic impacts, and intended uses. Improvements on
the land include both below grade and above grade structures. Some of the most significant
development risks occur at the site planning stage whether these are regulatory issues, access and
egress constraints, limits on building height and massing, or foundation conditions. Site planning
requires a myriad of technical investigations, site engineering, and architectural studies. The result is
the translation of this information into 3-dimensional built forms and configuration of the site to handle
traffic, landscaping and other development requirements. Decisions at this stage shape financial
performance.
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PROP 6300 3.00 Public Private Infrastructure Delivery (Existing Course)
Infrastructure has been elevated to an international business of increasing scope and scale. This course
examines the many “moving parts” of this business and explores the various models that are being
employed to address a variety of infrastructure needs, from hospitals and schools to airports, highways,
and energy plants.
PROP 6001 0.00 Leadership in Real Estate and Infrastructure I (NEW)
The objective of this course is to teach students the thinking and reflective skills required for business
leadership. The course develops and enhances student ability to deliver compelling and coherent
presentations; to apply analytic, critical and strategic thinking to complex business problems and to
identify and reflect upon underlying assumptions and reframe them in order to drive to actionable
outcomes. Students will attend this course throughout Terms 1, 2 and 3. The course will be taught on a
non-credit basis during the first two terms and, upon successful completion of the course during Term 3,
students will receive course credit on a pass-fail basis.
TERM 2: Mandatory for all MREI students, 15.0 Course Credits
PROP 6050 3.00 Changing Landscapes: Historical Perspectives on the Industry (NEW)
This course offers a unique opportunity to learn from the past through evidence of the key issues faced
by the industry today. The framework for the course is built on three perspectives: a) the drivers of
market cycles, what drove these cycles, and the impact of market cycles on value creation and
destruction for investors as well as the spatial structure of cities and the development industry over
time; b) the factors that drove and influenced the success or failure of key real estate and infrastructure
projects as impacted by the evolution of technology, building systems, and assemblies and their
influences on building form, functionality and infrastructure; and c) how successive generations of
entrepreneurs built businesses which influenced perceptions of the industry, and the business
organizations that they shaped. A primary objective for the course is to understand the dynamic
relationship between market forces, technological advancements, and leading entrepreneurs. The
course is built around a selection of projects that have gained international recognition. The course may
involve travel to other cities.
PROP 6450 3.00 The Life of a Project (NEW)
The course covers project management concepts, needs identification, proposed solutions, and
implementing the project, whether real estate or infrastructure. Project management concepts covers
the definitions of a project and its attributes, the key constraints within which a project must be
managed, how a project is ‘born’, the life of a project, and the steps in the project management process.
Actual projects are discussed. Planning covers project definition, developing a work breakdown
structure, assigning roles and responsibilities, and defining detailed activities. Scheduling deals with
estimating activity duration and identifying the critical path of activities. Resource considerations leads
to cost planning and performance and calculating a forecast of project costs at completion as well as
approaches to controlling cost. The course also deals with the responsibilities of the key managers,
characteristics of effective project teams, barriers to effectiveness and approaches assembling project
teams. Finally, the course deals with the characteristics, advantages and disadvantages of the
functional, project, and matrix organization structures, as well as the advantages and concerns about
using project management software.
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PROP 6550 3.00 Sustainable Cities: Urbanization, Infrastructure, and Strategic Choices (Existing
Course)
The course provides an understanding of issues related to the pace of urbanization across the globe and
the impact on the demand for new infrastructure. The challenges for both developing and developed
countries is examined from the perspective of potential new strategies, new technologies, new business
models and new financing techniques that can begin to make a difference in addressing a full range of
infrastructure needs. In terms of sustainability, this will include an understanding of the demand side
and supply side, cultural factors, and the policy framework.
PROP 6750 3.00 Project Finance for Infrastructure (Existing Course)
Understanding the particular characteristics of project finance is fundamental to structuring all business
models for the delivery of infrastructure. Financing is predicated on complex risk transfer arrangements
and sources of revenue derived from long-term agreements that convey rights to collect user fees or
receive availability payments. The course introduces the fundamentals of project finance as they affect
infrastructure delivery that range from power and energy plants to mining, water and sewage and, more
typical, infrastructure that supports our cities. The course examines project viability and risk, ownership
and contractual structures, funding sources, financial modeling and structuring, and then examines a
series of cases.
PROP 6850 3.00 Structuring Development Transactions (NEW)
This course serves real estate and infrastructure, both of which depend on the creation of an asset and
involves the public and the private sectors in various roles and with respective responsibilities. The first
half of the course deals with transactions that arise through the regulatory or public policy framework
that affects the use of land and the environmental consequences. Particular attention is paid to the
intended and unintended impacts of the public regulatory and policy framework on the built
environments and resulting social and economic outcomes. Students gain a basic understanding of the
theories, rationales, techniques, and implementing institutions involved in legally controlling the
possession, use, development, and preservation of development rights. The second part of the course
addresses the transactional details from inception through to completion and into the operational
stages. The process is viewed from two perspectives. The first perspective involves the legal principles
and related contracts necessary to properly structure transactions whether involving real estate or
infrastructure. The second perspective relates to the process that commences with securing
development rights, whether by acquisition or by concession, through to managing procurement and
the delivery process.
PROP 6002 0.00 Leadership in Real Estate and Infrastructure II (NEW)
The objective of this course is to teach students the thinking and reflective skills required for business
leadership. The course develops and enhances students’ ability to deliver compelling and coherent
presentations; to apply analytic, critical and strategic thinking to complex business problems and to
reflect and identify underlying assumptions and reframe them in order to drive to actionable outcomes.
Students will attend this course throughout Terms 1, 2 and 3. The course will be taught on a non-credit
basis during the first two terms and, upon successful completion of the course during Term 3, students
will receive course credit on a pass-fail basis.
Prerequisite PROP 6001 0.0
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TERM 3: 12.0 Course Credits (2 required and 2 elective courses)
PROP 6080 3.00 Creative Workshop (NEW)
The workshop affords teams of no more than four and no less than two students the opportunity to
integrate theory, skills and knowledge through a collaborative process and within a project framework.
The project will be a test of creative thinking applied to a problem or project that embodies social and
environmental challenges. Student teams may choose between a real estate or an infrastructure project
and these projects may be drawn from both developed and developing economies. The course is
intended to expose students to a broad range of issues that arise from the increasing pace of
urbanization across the globe and better equip them to move into careers where creativity is an
essential part of problem-solving. The course will be structured to promote self-awareness, curiosity,
and independent thinking. The course replaces a lecture format with a studio format involving seminars
and guests. Student teams will present their final work to a multi-disciplinary panel of experts.
PROP 6350 3.00 Infrastructure as an Asset Class (NEW)
The course offers an introduction to infrastructure as an asset class and provides an overview of the
international infrastructure market with a particular focus on the demand for infrastructure assets and
the expected capital requirements, as well as a comparison with and relationship to other asset classes.
This is followed by an overview of the most important infrastructure sectors and the characteristics
influencing performance in each sector. This course will also provide an examination of some of the
most experienced/largest global infrastructure investors and the investment characteristics by sector
and sub-sector. Finally, the course deals with direct investment in infrastructure assets and their
evaluation, with a particular focus on the financing of such assets, their risk profiles, and the various
kinds of capital and financing instruments that are used.
Prerequisite PROP 6300 3.0
PROP 6600 3.00 Real Estate Portfolio Management (Existing Course)
This course deals with the spectrum of investment styles, structures and strategies employed in the
creation and management of institutional real estate investment portfolios in both the private and
public markets. It includes a review of portfolio theory in a real estate context; examination of the
concepts of risk, return, and diversification and how they influence portfolio planning decisions;
consideration of the advantages and disadvantages of various investment vehicles; and the
consequences of international diversification on portfolio performance.
Prerequisite PROP 6100 3.0
PROP 6650 3.00 Commercial Real Estate Asset Management (NEW)
This course examines various strategies for optimizing performance of an asset during the operational
phase of the property life cycle. It covers the major components of a strategic asset management plan
including leasing, capital expenditures, revenue enhancement, re-positioning, re-development and the
hold/sell analysis. Attention is paid to all major property types included in a portfolio of assets including
office, retail, industrial and multi-residential. Extensive use is made of case studies.
Prerequisite PROP 6100 3.0
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
February 25, 2015
PROP 6780 3.00 Case Studies in Infrastructure (NEW)
The course is structured as a seminar and draws upon a series of recently completed infrastructure
projects representing a selection of sectors and sub-sectors – transportation, including road, rail and
water; aviation; fresh/waste water and waste; energy; and social infrastructure including hospitals,
schools, court houses and jails. Three to four cases will be selected each year for in-depth analysis. The
analysis will include a detailed review of the development and management structure, the project
agreement and the ancillary contracts, the risks and risk mitigation measures involved, the financial
structure of the project, and assessment of specified performance requirements. The course relies
upon lectures and field trips. Travel may be required.
Prerequisite PROP 6300 3.0
PROP 6003 3.00 Leadership in Real Estate and Infrastructure III (NEW)
The objective of this course is to teach students the thinking and reflective skills required for business
leadership. The course develops and enhances students’ ability to deliver compelling and coherent
presentations; to apply analytic, critical and strategic thinking to complex business problems and to
reflect and identify underlying assumptions and reframe them in order to drive to actionable outcomes.
Students will attend this course throughout Terms 1, 2 and 3. The course will be taught on a non-credit
basis during the first two terms and, upon successful completion of the course during Term 3, students
will receive course credit on a pass-fail basis.
Prerequisite PROP 6002 0.0
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
February 25, 2015
APPENDIX 5: PROPOSED COURSE STRUCTURE
Please see charts on the following pages.
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
February 25, 2015
Master of Real Estate and Infrastructure
Proposed Program Structure
Code
Course Name
Cr.
Pre-requisites
Real Estate Finance and Investment
3.00
Mandatory
Markets and Their Behavior
3.00
Mandatory
Development Prototypes
3.00
Mandatory
PROP 6250*
Site Planning and Design
3.00
Mandatory
PROP 6300
Public Private Infrastructure Delivery
3.00
Mandatory
PROP 6001*
Leadership in Real Estate and Infrastructure I
0.00
Mandatory
MREI - Term 1 (Summer)
PROP 6100
PROP 6150*
PROP 6200
Total Term 1 Credits
15.00
MREI - Term 2 (Fall)
Changing Landscapes: Historical Perspectives on the Industry
3.00
Mandatory
Mandatory
PROP 6550
The Life of a Project
Sustainable Cities: Urbanization, Infrastructure, and Strategic
Choices
3.00
PROP 6750
Project Finance for Infrastructure
3.00
Mandatory
Structuring Development Transactions
3.00
Mandatory
Leadership in Real Estate and Infrastructure II
0.00
Mandatory
PROP 6050*
PROP 6450*
PROP 6850*
PROP 6002*
Total Term 2 Credits
3.00
Mandatory
PROP 6001
15.00
MREI - Term 3 (Winter)
PROP 6080*
Creative Workshop
3.00
Mandatory
PROP 6003*
Leadership in Real Estate and Infrastructure III
3.00
Mandatory
Infrastructure as an Asset Class
3.00
Elective
PROP 6300
Real Estate Portfolio Management
3.00
Elective
PROP 6100 + 6200
Commercial Real Estate Asset Management
3.00
Elective
PROP 6100 + 6200
Case Studies in Infrastructure
3.00
Elective
PROP 6300
PROP 6001 + 6002
Choose Two of the following electives:
PROP 6350* **
PROP 6600**
PROP 6650* **
PROP 6780* **
* New courses pending
approval
** Mixed MREI/ MBA class
Total Term 3 Credits
Total MREI Credits
12.00
42.00
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Proposed Master of Real Estate and InfrastructureSchulich School of Business
February 25, 2015
MBA - Real Estate and Infrastructure Concentration (Current)
12 credits of elective courses
Code
Course Name
Cr.
PROP 6100
Real Estate Finance and Investment
PROP 6200
Development Prototypes
Fall
Pre-requisites
5000 MBA Core +
Co-requisite PROP 6200
5000 MBA Core +
Co-requisite PROP 6200
PROP 6300
Public Private Infrastructure Delivery
3.00
Fall
5100 MBA Core
PROP 6550
Sustainable Cities: Urbanization, Infrastructure, and Strategic Choices
3.00
Winter
PROP 6580
Structuring Real Estate Transactions and Managing Project Delivery
3.00
Winter
PROP 6100 + 6200
PROP 6600
Real Estate Portfolio Management
3.00
Winter
PROP 6100
PROP 6750
Project Finance for Infrastructure
3.00
Winter
PROP 6300
3.00
3.00
Term Offered
Fall
MBA - Real Estate and Infrastructure Concentration (Upon MREI Launch)
12 credits of elective courses
Code
Course Name
PROP 6100
Real Estate Finance and Investment
PROP 6200
Development Prototypes
Fall
Pre-requisites
5000 MBA Core +
Co-requisite PROP 6200
5000 MBA Core +
Co-requisite PROP 6200
Public Private Infrastructure Delivery
3.00
Fall
5100 MBA Core
PROP 6350* **
Infrastructure as an Asset Class
3.00
Winter
PROP 6300
PROP 6600**
Real Estate Portfolio Management
3.00
Winter
PROP 6100
PROP 6650* **
Commercial Real Estate Asset Management
3.00
Winter
PROP 6100
PROP 6780* **
Case Studies in Infrastructure
3.00
Winter
PROP 6300
PROP 6300
Cr.
3.00
3.00
Term Offered
Fall
* New courses pending approval
** Mixed MREI/ MBA class
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